Cassava Falls 30% on Investigation Into Simufilam Data Manipulation

Seekingalpha2023-10-13

Cassava Sciences (NASDAQ: SAVA) plummeted 30% in after-hours trading Thursday afternoon after a report that a researcher working on behalf of the company was found to have engaged in scientific ...

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Hold Cassava's simufilam for Alzheimer's gets safety clearance in phase 3 Alzheimer's drug developers get lift from Anavex results","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SAVA":"Cassava Sciences Inc"},"translate_title":"对Simufilam数据操纵的调查显示，木薯价格下跌30%","themeId":"c5bbfdf5f7964880af97c1d6f417052c","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SAVA":1},"content_text":"Cassava Sciences (NASDAQ: SAVA) plummeted 30% in after-hours trading Thursday afternoon after a report that a researcher working on behalf of the company was found to have engaged in scientific misconduct in regards to data on the company prized Alzheimer’s asset simufilam.CUNY School of Medciine Professor Hoau-Yan Wang was accused by the university of \"egregious misconduct\" involving 20 research papers, according to Science. A CUNY committee assigned to investigate Wang’s research found that images from his studies were manipulated.The magazine reported that the committee was unable to confirm the accusations as the professor did not provide the raw data. However, members made their conclusion based on “long-standing and egregious misconduct in data management and record keeping by Dr. Wang.”The report, obtained by Science, \"found evidence highly suggestive of deliberate scientific misconduct” of Wang on 14 of 31 allegations brought by the National Institute of Health’s Office of Research Integrity. NIH has provided funding for Wang’s research.In addition, CUNY officials allegedly blocked efforts by the investigative panel to get the image files from Wang’s computer for six months, according to the magazine.Science also reported that although the report was completed in May, CUNY has \"taken no public steps\" regarding Wang.The committee also found that Cassava (SAVA) SVP, Neuroscience Lindsay Burns, holds primary or partial responsibility for the misconduct as he was a co-author on many of Wang’s papers related to simufilam. Burns is married to Cassava (SAVA) CEO Remi Barbier.The accusations of data manipulation have plagued Cassava (SAVA) for some time. It led to the SEC to consider but eventually decline to take action against the pharma, a report of a criminal probe by the Department of Justice as well as a Citizen’s Petition filed with the US FDA aiming to stop two late-stage trials of simufilam. 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